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Frequently Asked Questions - Money2India

1. What is Money2India?

Money2India is an online money transfer tracking service which enables you to send money to India.

2. Why should I trust Money2India?

Money2India is brought to you by ICICI Bank - India's largest private sector bank and is the preferred choice of NRIs for over 16 years now. ICICI Bank has over 1.5 million NRI customers and processes over 2 lakh NRI transactions monthly.

3. Is Money2India safe to use?

Money2India employs a range of state-of-the-art security features for the service:

Firewall (virtual electronic fence that prevents unauthorized access to the ICICI Bank server)

  • 128 bit Secure Socket Layer (Security technology that ensures all information exchanged is confidential.)

 

We recommend you not to share your Money2India details with anyone.

4. Which countries is the service available in? Which currencies are supported?

Money2India can be used by an NRI(Non Resident India) above 18 years of age wanting to send money from his/her bank account in :

  • North America: USA (USD), Canada (CAD)
  • Europe: UK (GBP), Sweden (SEK), Switzerland (CHF)
  • Asia: Singapore (SGD), Hong Kong (HKD), UAE (AED) to a beneficiary in India. The remitter can also have the money sent to his/her own NRE account in India.
  • Australia (AUD)

 

5. Do I need to sign up for an account to use Money2India services?

Yes. In order to use our services you must sign up with Money2India. After you use Money2India the first time we will securely save your information. This information will not be shared or made available to anyone. The next time you use Money2India you will not have to re-enter this information.

6. Is there a fee to sign up for a Money2India account?

No, Money2India accounts are free.

7. How do I start using the service?

On the Money2India.com website, complete a simple two page registration by clicking here. The following details would be required:

 

Personal Details: Fill-in your demographic information of Full Name, Gender, Date of Birth, Citizenship and wherever applicable, unique Identification number as specified

 

Contact Details: Fill-in your complete address and contact number details in the overseas country of residence. It is essential to provide correct details and update them on a continuous basis so that we can reach you.

 

Other Details: You are required to set up a hint question and hint answer that will enable you to reset your password online in case you forget or your user ID gets disabled.

 

Upon providing the above details and accepting the terms and conditions and declaration that govern the use of the service, you get successfully registered for the service and can start using the facility for your money transfer needs.

8. How will I get my User ID/Password for Money2India login?

The Email ID you use for the online Money2India registration is your user ID. You would be required to create a password when registering on Money2India.

 

In case you have forgotten your password or entered incorrect password for login, after 3 successive incorrect attempts, your User ID will get disabled.

 

In such a case, use the Forgot Password or User ID Disabled link on the Money2India login page and enter the required details as registered / updated by you on Money2India, to generate your Temporary password. The Temporary password will be sent to your e-mail ID, as updated by you on Money2India. Follow the instructions provided in the e-mail to reset your password and login to your Money2India account.

9. Do I need to be an ICICI Bank customer to use service?

Money2India service can be availed by any individual (at least 18 years of age) for personal money transfer needs in India, from 9 countries and enables any bank to any bank transfers.

 

Neither you nor your beneficiary needs to be an ICICI Bank customer for availing the service.

10. Can I send money to any non-ICICI bank account using this service?

With Money2India, user can send money into any bank accounts across 75,000 bank branches in India.

 

Click here to see the coverage of bank accounts across India

11. Can I send money via a demand draft?

With Money2India, payment to a recipient can be issued through a demand draft which will be dispatched to your recipient in India.

 

Click here to see the coverage of demand drafts

12. For what purposes can I send money through Money2India?

Money2India service can be availed by any individual (at least 18 years of age) for personal money transfer needs in India from 9 countries. User will require to specify the purpose of remittance from a specified list of purposes like:

  • Family maintenance
  • Gift to family or friends
  • Credit into your non-resident deposit accounts in India
  • Donations
  • Payments towards tuition/ hostel fees
  • Travel services
  • Home loan repayment (extended by banks)
  • Insurance premium
  • Purchase of permissible real estate

 

13. What is fixed exchange rate?

When you choose confirmed exchange rates, the rate is confirmed or locked in at the time of transfer initiation. You need to specify the amount in Rupees that you want your recipient to receive.

14. What is indicative exchange rate?

When you choose indicative exchange rates, the rate is applied to your transaction will be as prevailing on the date and time of conversion of your money.

15. How do I know that money has reached my recipient?

ICICI Bank Money2India provides this information to you by email and through track your transfers.

 

ICICI Bank Money2India sends a series of email notifications informing you of the status of your transaction. The first email is sent shortly after you submit the transaction. Upon completion of the transaction, you will receive another email telling you that your recipient has received the funds.

 

Place the email address nri@icicibank.com in your "safe sender's list" to be sure that these messages are not mistakenly directed to your junk or spam mail box.

16. Can I send money to the bank account of a business?

Money2India is a person-to-person remittance service and cannot allow transactions for any commercial purpose.

17. How long does an ICICI Bank Money2India money transfer usually take?

ICICI Bank Money2India is committed to getting your money to its destination as fast as possible.

 

Many transfers are available for your recipient within hours. This varies by country, the method of delivery you select, and how you pay for the transaction. 

 

Some things that can slow down processing:

  • Additional information required by Money2India or recipient bank or financial institution for your security
  • Payment processing / verifying your bank account
  • Branch location hours / delivery hours / holidays
  • Erroneous recipient details

 

 

You will receive email notifications as your money transfer progresses through our system. You can track your transfer on the Money2India website.

 

For Country & product specific FAQs, kindly click on the links below: